Bummer for 50 Cent!
A judge has ordered the G-Unit boss to pay his former headphone partners Sleek Audio $16 million for the failed deal in which he was suppose to launch his own line.
In 2011, Fiddy partnered with the company for his own line sleek by 50, but after a few promotional efforts by the rapper, the collection failed to take off. The following year he sued the company, claiming they didn’t refund his full investment ($261,000) after the line flopped. An arbitration judge sided with Sleek, but the rapper requested a new hearing claiming, the judge picked unfairly based on his race and stature in rap. According to 50, the judge didn’t allow him to cross-examine witnesses and refused to look at evidence pertaining to the case.
50 Cent moved on to launch SMS Audio with a rival company, which pissed off bosses at Sleek. The company sued the rapper for allegedly stealing their ideas for his new venture.
The ruling by a Miami, FL District Court demands that 50 Cent forks over $11.7 million for damages and $4.5 million for legal fees.
Although 50 got it, it’s definitely hard handing over that amount of cash!